Friday, March 04, 2011

House Passes Repeal of 1099 Tax Reporting

Yesterday the House of Representatives passed the Small Business Paperwork Mandate Elimination Act of 2011 (HR 4) by a vote of 314-112. The large bipartisan support signifies the importance of repealing the burdensome 1099 IRS tax filing requirement that would compel businesses, including physical therapy practitioners and business owners, to file an Internal Revenue Service Form 1099 for all business transactions of $600 or greater in aggregate with the same entity for each given year. The requirement was enacted through the Patient Protection and Affordable Care Act. The language of this bill differs from a separate repeal measure that was passed by the Senate earlier in the year, thus HR 4 must go to the Senate for consideration and passage before it can be signed into law.